Belvidere, IL Applebee's
2126 Gateway Center Dr, Belvidere, IL 61008
For Sale
Contact for pricing
High-profile Applebee's location with NNN lease and annual increases.
Property Size4,179 SF
Lot Size1.37 Acres
Price / SF$413.74
Days on Market259
Property Features for 2126 Gateway Center Dr
General Information
Standard status
Size
Class
Lot size
Property subtype
Zoning
Lease Type
Investment Type
Net Operating Income
Building Details
Year Built
Listing Agency:
Coldwell Banker Mountain Properties
Listed By:
Cecil Waatti · License MT RRE-BRO-LIC-99389
(406) 890-4000
Source:
Crexi
Added: Feb 25
Changed: Nov 6
Last Checked: Nov 8 at 6:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Mountain Properties
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This is an investment opportunity featuring an Applebee's restaurant in Belvidere, Illinois. The property is situated in a strong retail corridor, adjacent to a Walmart Supercenter, Starbucks, Verizon, and Dunkin Donuts. Constructed in 2015, the building encompasses 4,179 square feet and is positioned on a 1.37-acre lot. The property is subject to an absolute NNN lease with five years remaining on the initial 10-year term, and includes 2% annual rent increases each September. There are five available extensions of two years each. The location benefits from its proximity to I-90 and the main Belvidere city exit. Traffic counts are significant, with 52,700 vehicles per day on I-90, and 16,000 and 15,500 vehicles per day on the two access roads, resulting in a combined average annual daily traffic (AADT) of over 84,000 vehicles. Belvidere is a growing town with a population of 25,585 and serves as a suburb of Rockford, Illinois, which has a population of 147,000.
Key Highlights
- Absolute NNN lease with 5 years remaining and 2% annual increases.
- High‑traffic location off I‑90 with AADT of over 84,000 cars per day.
- Strong retail corridor location next to Walmart Supercenter, Starbucks, Verizon, and Dunkin Donuts.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,372
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,167,440
$1.2M
Cap Rate 7%
$833,886
$833.9K
Cap Rate 9%
$648,578
$648.6K
Market Conditions
NOI Build-Up for 4,179 SF
Gross rent
$80.2K $19.20/SF
− Vacancy
−$2.4K −$0.58/SF
EGI
$77.8K $18.62/SF
− OpEx
−$19.5K −$4.66/SF
NOI
$58.4K $13.97/SF
Area
Boone County, IL
Vacancy
3.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,167,440
Cap Rate 7%
$833,886
Cap Rate 9%
$648,578
Alternative Uses
Best Use
Specialty Retail
$833.9K
$729.7K – $972.9K
NOI $58,372 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$972.6K – $1.30M
NOI $77,810 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
128k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 57%
Dining 24%
Shops & Services 13%
Electronics 4%
Walmart
Superstores
72,772 visits/mo
0.2 miles
Starbucks
Dining
19,313 visits/mo
0.1 miles
Murphy USA
Shops & Services
16,434 visits/mo
0.1 miles
Taco Bell
Dining
6,002 visits/mo
0.0 miles
Applebee's
Dining
5,534 visits/mo
0.1 miles
Demographics for 61008, IL
33,747
Population
13,406
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
83%
High-School Grad
84.3 sq mi
ZIP Area
400
Density / Sq Mi
$75,833
Median Household Income
$38,509
Median Earnings
$953
Median Rent
$185,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - High-profile Applebee's location with NNN lease and annual increases.
Where is this conventional restaurant located?
The property is located at 2126 Gateway Center Dr Belvidere, IL.
What is the asking price?
The asking price for this property is $1,729,000.
What are key features of this property?
This property features: Absolute NNN lease with 5 years remaining and 2% annual increases.; High‑traffic location off I‑90 with AADT of over 84,000 cars per day.; Strong retail corridor location next to Walmart Supercenter, Starbucks, Verizon, and Dunkin Donuts.
